Vietnam Pharmaceuticals Market to Grow Along With Healthcare Industry until 2026
Advanced medicine
development is driving the growth of Vietnam Pharmaceuticals Market, in the
forecast period, 2022-2026.
According to TechSci report on, “Vietnam Pharmaceuticals Market By Drug Type (Generic
Drugs v/s Branded Drugs), By Product Type (Prescription Drugs v/s
Over-The-Counter Drugs), By Application (Cardiovascular, Musculoskeletal,
Oncology, Anti-infective, Metabolic Disorder, Others), By Distribution Channel
(Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region, Competition
Forecast & Opportunities, 2026”, Vietnam
pharmaceuticals market
has shown promising growth in historical years until 2019 and is expected to
continue its growth in upcoming forecast years 2021 to 2026. Vietnam pharmaceuticals
market owes its growth to the factors like surge in the demand for the advanced
medication for the increasing instances of chronic diseases. Moreover, the
instances of chronic diseases, neurological issues, and carcinogenic diseases
is increasing and driving the growth of the Vietnam pharmaceuticals market in
the upcoming five years. Also, government initiatives to promote research and
technological development for the drug discoveries, pharmaceutical product
manufacturing are also supporting the growth of the Vietnam pharmaceutical
market. Technologies like robotic technology, and artificial intelligence are
also promoting the market growth. Improving living conditions, enhanced
lifestyle is also supporting the pharma industry in the country. Furthermore,
about 12% of country GDP comes from the healthcare industry and the devoted
policies and regulations for the production, commercialization and application
of the pharmaceutical drugs and products is also substantiating the growth of
the Vietnam pharmaceuticals market in the next five years.
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The Vietnam
pharmaceuticals market is segmented by drug type, product type, application,
distribution channel, competitional landscape, and regional distribution. Based
on product type, the market is further divided between prescription drugs and over-the-counter
drugs. Over the counter drugs are anticipated to hold the largest revenue
shares of the market and dominate the segment in the future five years on the
account of comparative lower cost and easier accessibility to the drugs. Also,
these drugs can be purchased without doctors’ approval/ prescription. Thus, the
consumers who are self-medicating can afford over the counter drugs and these
factors are supporting the growth of the Vietnam pharmaceutical market too.
Prescription drugs are anticipated to hold a significant share of the market in
the next five years on the account of growing expenses on prescription drugs in
the country.
Based on
application, the market is sub-segmented into cardiovascular, musculoskeletal,
oncology, anti-infective, metabolic disorder, and others. Cardiovascular
applications are anticipated to hold the largest revenue shares of the market
and assert its dominance over the market segment on the account of rapidly
increasing cases of cardiovascular diseases among the patient. Also, the
rapidly increasing cases of obesity, blood pressure problems, diabetes and
other lifestyle diseases is actively increasing the number of patients
suffering from heart attacks, heart failure, etc. thereby supporting the growth
of the segment as well as the growth of the Vietnam pharmaceutical market since
the demand for the cardiovascular pharmaceutical products is increasing.
DHG
Pharmaceutical Joint Stock Company, Traphaco Joint Stock Company, Pymepharco
Joint Stock Company, Hatay Pharmaceutical Joint Stock Company, Mekophar
Chemical Pharmaceutical JSC, Imexpharm Corporation, OPC Pharmaceutical Joint
Stock Company, are some of the major shareholders of the Vietnam
pharmaceuticals market. With the evolving technology, it is appropriate to say
that the effective research and development of the technologically advanced pharmaceuticals
and methods to satisfy consumer demands would support the market growth and
benefit the market players as well as the consumers. New market players may focus
on the research and development to provide such infrastructure and services
that satisfies the consumer demand as well as benefits the market players in
building their brand value. Other competitive strategies include mergers &
acquisitions and new product developments.
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“Pharmaceutical industry in Vietnam has a very impressive future.
Vietnam has the fastest growing pharma industry supported by favorable
socio-economic conditions. Moreover, the foreign direct investment is rapidly
increasing, along with government support and expanding efforts of market
players, the market is anticipated to grow rapidly in the future and benefit
the healthcare industry altogether. Drug development processes, consistent
research and mass production of the generic drugs is also supporting the growth
of the market in the future five years. New market players have enough scope
for their brand establishments, but they must invest funds to extended research
and technological development for the better products for the consumer
satisfaction,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Vietnam Pharmaceuticals
Market By Drug Type (Generic Drugs v/s Branded Drugs), By Product Type
(Prescription Drugs v/s Over-The-Counter Drugs), By Application
(Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder,
Others), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy,
E-Pharmacy), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Vietnam pharmaceuticals
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Vietnam pharmaceuticals market.
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